marconi's job is so i agree one hundred percent he that that is a litmus test to say this man george osborne the chancellor of the exchequer is a liar he's it's not a recovery it's a bubble in asset prices in the lot of higher inflation it's hyper inflation and asset classes but you know it is going on here yes i do it's your you know arse it's a tragedy oh you can't taper a ponzi scheme that's what they're saying in headlines in neon lights it's bright well what does that mean in other words what al gore is unable to do is they've got an economy that's where the price bubbles for the equity extraction to go out and shop based on the money you're borrowing guess are inflated house price that's the it so called recovery it's not jobs it's not recover it's not it's not manufacturing it's not labor it's not wages it's just people taking money out of inflated assets to go shopping when those inflated assets revert to the mean just like night follows day. and everyone's got an underwater in their house again and shopping comes to a complete halt you know george osborne to be on the lecture circui

being comes to a complete halt you know george osborne to be on the lecture circuit with janet yellen for two hundred thousand you know for a live shot herself you oncologist talking about how they save the british economy when in fact he jammed it up his frank frank by looking through state day and you know but here but if you look at the budget budget deficit and the public sector borrowing for june just take that number year on year ok that's up about forty percent so they had a it was eleven point four billion which is about right you know you know how does boring i want to move on to my next point listen to this our caravan our style your charts are all forget they stay out of out there were moving around i never got a mill after going to this is another this is the proof of osborne's law ok running for prime minister so it's you can ask the question ok income tax on revenue the treasury went up three percent still is up forty percent. i didn't get points out in no uncertain terms of black and white the law it's all based on real estate speculation not on a real recovering econom

in selective asset classes a typer inflation it's not just inflation and the mark carney and george osborne are doing nothing to control the property bubble and people are going to get hurt in a bad way because people who are buying in london at these prices when they collapse it's going to be catastrophic just like what happened in japan from one thousand nine hundred seven to current day it's dropped about ninety percent from peak to trough and it's never come back it will never come back in our lifetime people are saying the property markets are cyclical newquay oh it might come down ten percent but it's going to go right back up to new highs it's not going to ever go back up to new highs this is a tool ball mania that will never be repeated and it will go down in history in those guys will go in the history books as the ones that pushed it over the edge it's going to be humpty dumpty and all the king's horses and all the king's men will not be old put the property market back together again well said first time we've got to go but they forget reality has a report thanks for having me al

fourteen percent in the past four to five years ok well isn't it true that you can prove that george osborne is lying in one simple statement and that is the fact that if there is a recovery georgie porgie why are you not raising interest rates interest rates would be rising along with the recovery that's what interest rates are therefore that's the bank of england is there to do that's a marker his job is so i agree one hundred percent he that that is a litmus test to say this man george osborne the chancellor of the exchequer is a liar he's it's not a recovery it's a bubble in asset prices in the light of higher inflation it's hyperinflation as a causes but you know it is going on here yes i do it's going to arse it's a tragedy oh you can't taper a ponzi scheme that's what they're saying in the headlines in neon lights it's bright well what does that mean and in other words what al gore is unable to do is they've got an economy that's where to pass a price bubbles for the equity extraction to go out and shop based on the money you're borrowing guess or inflated house price that's the it so

not belong tooes george osborne.herefore, we are keeping the pound. >> despite westminster, the chancellor of the exchequer telling him that he will not be able to keep the pound, he says that does not matter. if there were to be a yes for andpendence, all the assets liabilities of the u.k. would be up for negotiation. he puts the pound and the bank of england and the nuclear program that the u.k. has and all of these other assets and liabilities all into a basket and he says all of that will be decided by negotiation after the vote. still a lot of questions. >> i find it remarkable. we are going to keep the pound. we are going to stay in the eu. rajoya rajoy -- mariano saying there is an interest in catalonia. everyone else saying you are not going to keep the pound as well. , thereou are voting here are a lot of questions that you will have going into this. a lot of areas where even the saying are basically these things will be decided after the vote. >> fascinating. great topic. something we will be talking about

what lame how can welcome back of the kaiser report to max fantasy are let's talk about this george osborne says the economy is recover so why do you say we're on the brink of another financial crisis which of course we have seen or it's. g.d.p. and it's pretty lame unlevel here in the u.k. it's taken the best part of seven years it's been the slowest recovery in british history the slows recovery in the chief seven a lot of the recoveries built on more debt of course q e all right so the g.d.p. numbers are on the on a surface they look like things are recovering we know that g.d.p. is a very imprecise sloppy all inclusive not very interesting number because for example if you understate the actual inflation number it makes the g.d.p. look a lot greater and we know that they this government in the us is constantly understating their true inflation number for things that are really necessities i'd say the main inflation metrics are understatements of reality and i think most people in business and indeed running household budgets would result is actually back on a number any as a deflator ag

all everything we've set up until now global banks crash is coming again there was no reform george osbornejust doubled the debt he didn't do jack ok and it's all tied to these derivatives global the rest is hiding it's just about hiding losses talk about that well. in theory true that says are entirely legitimate things you. have used to resist for centuries it's the way you just mentally hedge risk but according to michael dempster many many of the. as many regulates as when they're off the record drew says are increasingly used in order to obfuscate to create a lack of clarity across bank balance sheets about for every every every dollar of oil that trades in the physical oil market there's sixty thousand dollars worth of derivatives trade just because painting the price of oil that's not for oil producer head i think that's rank speculation on an enormous scale i don't think anybody serious would disagree if they're being honest that of course an awful lot of what happens in the financial services industry has very little to do with actually providing services financial services to the

chancellor george osborne has been keen to don a hard hat and go around the country.o show business is bouncing back. it is a point he has been hammering home in the comments too. >> let me be clear. we said we would get the deficit down. the deficit has come down. we said we would recover and the recovery is taking place. would loseeople their jobs and 1.5 million jobs have been created. andeven on the deficit living standards are not rising. they are falling year on year on year on year. does this chancellor really think his economic plan is working? let him answer this one simple question. , after fiveelection years of this chancellor, will the working people be better off than they were in 2010? yes or no? course written will be better off because we will not have the mess of an economy on the brink of collapse. >> george osborne in a characteristically robust exchange. down the corridor, many of the big issues of the day came up. there was also a small, quiet revolution. take a look at this. >> i move that this bill be read for the third time. the not read all th

it does not belong to george osborne.rking group is looking at a range of options but we are keeping the pound. plano we need to work on b, c, d, e, and f? we are keeping sterling. inall of the major parties westminster have said they would not be able to vote in favor of keeping the pound. the scottish committee said no if's, no but's, no fudges, no deals. >> these are the same people. unionists saying the same thing to each other but what we actually know according of courseardian," there will be a deal on sterling. this is just a campaign tack it. tactic.paign his new pal, people in scotland know full well that we will keep sterling because in the best interest of scotland and the rest of the united kingdom. our position is we are very happy to take a share of the liability, the liability, the but we are built up equally entitled to a proper share of the assets. depends, of course, and having a share of the assets. among these, the bank of england because it holds one third of the u.k. guild. it is the currency we have

never one else maybe that is something we should be worried about now the british council and george osborne has focused on austerity and he says that this focus is behind the improvement in the british economy is he right. i think the evidence is the there is a lot of confidence with businesses but whether or not that actually is a product that was thirty would be a very controversial argument because they were they were doing austerity you know four years ago and three years ago and the confidence wasn't there then so is is is the confidence a product of a you know just just a just you know as ken said you know in the long run the sea is flat and everything recovers and you know markets tend towards growth and and so on or is that case of yours there it's working well you know we've had in britain we had a worse recovery from the two thousand and eight slump in the great depression so i think right now. the signs are that austerity. it doesn't look so good and. you know united states that north a lot better than we did and you know they had much stronger fiscal stimulus so i think i think

the chancellor, george osborne, has been keen to don a hard hat and go around the country showing thath unemployment falling and confidence growing, business is, in fact, bouncing back. it's a point he's been hammering to his labour opposite number in the commons too. >> and let me be clear, we said we would get the deficit down, the deficit has come down. we said we would recover the economy, and the recovery is taking place. he predicted a million people would lose their jobs, and a million and a half jobs have been created. >> all promises, he's broken those even on the deficit, and living standards aren't rising, they're falling year on year on year on year, mr. speaker. 1600 pounds is worth -- [inaudible] >> if this chancellor really thinks his economic plan is working, let him answer this one simple question: at the next election after five years of this chancellor, will working people be better off than they were in 2010, yes or no? [applause] >> of course britain will be better off, because we won't have the mess of an economy on the brink of collapse. >> george osborne in a ch

. >> in the past 10 minutes george osborne has said the u.k.ould consider further sanctions on russia. for more the chairman of emerging capital joins us. thank you for coming to talk to us. are you factoring in further sanctions from europe? do you think europe will go further this week? >> i doubt it. i think it's going to be a step-by-step situation. there will be a lot of talk. there is a lot at stake between germany and russia. of talk.l be a lot >> a number of european leaders are talking about putting economic interest a step back. is that type of message going to guide this week or you don't think so? economicis too much separation between russia and the rest of europe. i think it's going to have to be handled with care. the truth is we are crossing go downe where if we there with more serious sanctions -- russia can do without that. it's not very helpful to russia's economy. ofdoes need a lot international capital. >> if you look at the situation in the middle east, which when concerns you most? -- issia and the ukraine think more the

brand fracking as pedophilia then the queen will sign off on a david cameron so i don't have a george osborne's on it because they look at a billion this country they can't get up and fill in this country brand front because pedophilia and britain will sign off on it yes that's true there's a lot of paedophilia scandals here but i wanted to say in the last few seconds here that i was stopped on the street by a fireman who wanted me to give this to you and it's called we rescue people not banks stop the cuts there's a big strike across the u.k. for many days coming up thank you fire person and good luck thank you stacey thank you max stay tuned for the second half a whole lot more. with the economic downturn in the final. days. and the rest because i take it will be a prickly. many people in russia to believe that that the reset was essentially and never an aim that improving their relations it was rather a neighboring be a grand jury and foreign policy of the united states one year a poll in free the phrase of george h.w. bush in one thousand. migrated during the course of the clinton administr

they're all concerned about isis and the new state that they're creating what about canary wharf george osborne and tony. thank you are you doing anything new because you've got your thumb up you strange playing polo look real and prosecute the terrorist cameron or. just abdicate your role go to the queen and go play with the queen for a while because as a prime minister you suck so let's go back to this web of deception and why the for example the bond market even though it felt there was a greater aggregate loss than one thousand nine hundred white if we didn't notice that in one thousand nine hundred four you were very recently after the s. and l. crisis where eight hundred bankers went to jail they they have that still in their their fear in their own minds that they could actually be sent to jail back in one thousand nine hundred forty now as we see the articles about this barkley situation and being sued by eric schneiderman they turn in general new york suggest over and over well this could be bigger than life or and they they mention that the day after their live war lawsuit the day aft

as the washington post reports on monday, george osborn, britain's chancellor of the exchequer told the bbc that london was ready to take an economic hit. also saying in the coming days if access remains inadequate all political economic and financial options are on the table against those who are directly and indirectly responsible. peter baker is a chief white house correspondent, howard fine is from the huffington post. that question of basically the message being delivered by the president, by europe to vladimir putin of get your act together, we want access. we want recovery teams to have the access they need to the site. we hear the report from the field. is there a sense that the message is getting through to putin? >> well, there is cautious optimism at the white house. they want to wait and see, for sure, what happens. it's not enough for somebody to say it. it's not enough for some part of the field to be given access. they want a more serious, you know, confirmation that there is going to be a full and unfettered access at this point. as you point out the european wills meet

cameron and george osborne were saying the time has come to introduce some sanctions> . >> level 3 sanctions are still way off. threaten -- go halfway before you can get there. >> what are you expecting this week, will it be targeted at individuals, will we see holland -- will that be called on by france? to keepove is underway this where it is. i think it might be too late to stop the first one. tohink they are not want harm themselves. >> that is something that was talked about over the weekend. the u.k. foreign secretary saying there was an appetite to take some pain if it was going to result in a change of direction. france is not going to want to [inaudible] roade moment we are on the where there is something that has to convince it. this replaced the debt crisis as the next worry for the eurozone? think the prospect of an financialck if services crashes or of gas sanctions command. those replace the dead prices is the big problem. l russia respond? >> that is never the most predictable thing. russia is not enamored of being so closely associated with this. so far it seems to be playing

does not belong to george osborne.uch our currency as his, we are keeping the pound. >> scottish national party leader alex salmond speaking to us. we will be bringing you the views of other major parties. we will take a break, back in a couple minutes. ♪ >> welcome back. john kerry has arrived in israel to press a cease-fire with hamas and israel. joining me on the phone from jerusalem is bloomberg news reporter traveling with secretary kerry. the faa has stopped u.s. carriers from flying into ben-gurion and this is isolating israel. has the secretary of state talked about this? the secretary of state has not actually adjust the issue of the faa. it applies only to commercial flights. it does not technically a flag typically applied to officials in jerusalem that the issue that has led to flights being stopped due to rocket fire from gaza. he arrived about two hours ago -- >> what are we expecting him to bring? what is he agreeing to the table in jerusalem? what are we expecting to hear in tel aviv? waterway going to

chancellor george osborne has been keen to don a hard hat and go around the country. to show business is bouncing back. it is a point he has been hammering home in the comments too. >> let me be clear. we said we would get the deficit down. the deficit has come down. we said we would recover and the recovery is taking place. a million people would lose their jobs and 1.5 million jobs have been created. he has broken them on the deficit. they are falling year on year on year on year. does this chancellor really think his economic plan is working? let him answer this one simple question. at the next election, after five years of this chancellor, will the working people be better off than they were in 2010? yes or no? >> of course written will be better off because we will not have the mess of an economy on the brink of collapse. >> george osborne in a characteristically robust exchange. down the corridor, many of the big issues of the day came up. there was also a small, quiet revolution. take a look at this. >> i move that this bill be read for the third time. >> that

george osborne talked about that yesterday when we spoke with him.asically, he said that we cannot sue bp. but he did say that rosneft cannot be 100% sure that they will emerge unscathed from their efforts to recover the $50 billion that the arbitration court has rewarded them for the loss of their assets, which ended up in the possession of rosneft. one way bp will suffer, of course, we will pursue rosneft and that will put the pressure on their share price and bp will pay as a result of that. >> you are going to be reporting in force. >> absolutely. it is going to be riveting. >> we will find out a lot more about this story then. we have a couple of guests in the meantime who will be analyzing the events or us as well. a lot going on in russia. the banking sector this morning as well. ryan is going to be back. is also weighing in on the standoff between russia and the west. to see whether the situation is affecting the banking business. are clear guidelines coming from authorities about againsttaken institutions. for us, it is business as usual. we

. >>> british foreign secretary william hague and chancellor george osborne start a two-day trip to indiafirst since may. >>> after leaving the soviet block in the 1990s, they shifted from their production of weapons to become the biggest automotive maker in the world. they see that trajectory continuing. >> this is one of the fastest growing countries in the eurozone and it was in the crazy era and now it is the biggest according to domestic and foreign cars. our economy will accelerate by 3% this year and next year it will also be better. >> i hate talking about poster boys as far as the eurozone is concerned, but they are resilient during the financial crisis. and i wonder how the situation in ukraine and russia is impacting confidence in the business environment there. >> definitely. we need to separate the two, really. buzz what is the growth story that continuing quite substantially compared to elsewhere in europe through the financial crisis. and, in fact, last year it bottomed out with a growth gdp figure just under 1%. now, as you indicate also we are going to be seeing growth co

more hawkish than ever before, where the chancellor of the ex-checker, the treasury secretary, george osborncannot afford the economic hit of big countries bullying others and violating international sovereignty. we cannot afford the economic hit of civilian planes being blown out of air. that's a much bigger economic hit potentially than imposing sanctions on moscow. the prime minister of malta who admitted on cnn that in the past he was willing to say well let's get all the facts. let's see what putin has to say and the ukrainians have to say about what's going on in ukraine. since the downing of the mh17 these questions are over. this has now crossed a line, and we have to target russia more pointedly. and here's the thing. when sanctions are imposed, and that is sanctions obviously instead of war, let's face it, first and foremost sanctions usually involve military sales. right now france is talking about helicopter assault warships to russia. the international community wants them at least not to do that. >> this is wolf in jerusalem, let's get to the current crisis unfolding here. the